India offers 26% stake for US$700 mln in ONGC's to-be- commissioned petrochemical project at Dahej

14-Apr-16

India has offered UAE a stake in petrochemical plants, refinery projects to boost energy ties. On offer was 26% stake for US$700 mln in state-owned Oil and Natural Gas Corp's (ONGC) about-to-be- commissioned petrochemical project at Dahej in Gujarat. Oil Minister Dharmendra Pradhan on a two-day visit to UAE, promised "fair, transparent and attractive" policy regime for investing in oil and gas sector in India through "appropriate policy, regulatory and fiscal interventions". Besides, 24% equity could be available for US$200 mln in expansion being planned by Bharat Petroleum Corp Ltd (BPCL) of its subsidiary Bina refinery in Madhya Pradesh, from 6 mln ton to 7.5 mln ton. Also, an investment of US$530-850 million can get the UAE 25-40% stake in HPCL's planned petrochemical plant on the Andhra coast, he said, adding that the Gulf nation can also invest in the planned 60 mln ton in Maharashtra and the Jagdishpur-Haldia and Paradip-Surat gas pipelines.